New Jersey bill A907 prohibits the Board of Public Utilities from requiring ratepayers to pay for subsidies related to offshore wind projects.

The New Jersey Assembly Bill A907 amends the "Offshore Wind Economic Development Act" to prohibit the Board of Public Utilities from requiring ratepayers to pay or prepay any costs associated with subsidies for qualified offshore wind projects. Currently, the Board of Public Utilities requires electric public utilities to impose an OREC surcharge on ratepayers to pre-collect the costs of the project subsidy, which are later refunded based on the revenue generated from the sale of ORECs.

New Jersey bill A907 prohibits the Board of Public Utilities from requiring ratepayers to pay for subsidies related to offshore wind projects.

The New Jersey Assembly Bill A907 amends the "Offshore Wind Economic Development Act" to prohibit the Board of Public Utilities from requiring ratepayers to pay or prepay any costs associated with subsidies for qualified offshore wind projects. Currently, the Board of Public Utilities requires electric public utilities to impose an OREC surcharge on ratepayers to pre-collect the costs of the project subsidy, which are later refunded based on the revenue generated from the sale of ORECs.